Transportation Industry
Stimulus Bills Advance in Congress; Fed Cuts Rates to Revive Economy
Transport Topics, February, 2008 by McNally, Sean
WASHINGTON - As an economie stimulus package began to work its way through Congress last week, the government reported that the U.S. economy had slowed almost to a standstill and the Federal Reserve, hoping to head off a recession, slashed interest rates for the second time in eight days.
President Bush called on Congress to quickly pass the stimulus package of tax cuts for individuals and business that he and congressional leaders endorsed, but the Senate Finance Committee approved a different mix of tax cuts and House transportation leaders said they would seek a second package of infrastructure spending projects.
In his State of the Union speech Jan. 28, Bush said he had "reached agreement with House Speaker [Nancy] Pelosi and Republican Leader [John] Boehner on a...
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